PHARMARON(300759) 国泰君安·2025-04-02 11:22Investment Rating - The report maintains an "Accumulate" rating with a target price of 33.90 CNY, while the current price is 28.56 CNY [2][12]. Core Views - The report highlights a positive trend in new orders and an acceleration in CMC (Chemistry, Manufacturing, and Controls) business, indicating a favorable long-term growth outlook [3][12]. - The company has seen a significant increase in new orders, with a year-on-year growth of over 20% in 2024, particularly in laboratory services and CMC [12]. Financial Summary - Revenue for 2024 is projected at 12.276 billion CNY, reflecting a 6.4% increase from 2023, while net profit attributable to the parent company is expected to reach 1.793 billion CNY, up 12.0% [5][12]. - The earnings per share (EPS) forecast for 2025 has been adjusted to 0.98 CNY, down from a previous estimate of 1.10 CNY, with a new forecast for 2027 set at 1.43 CNY [12]. - The company’s revenue from laboratory services is expected to be 7.05 billion CNY in 2024, with a gross margin of 44.9% [12]. Order Trends and Client Structure - The report notes a continued improvement in new order trends, with a 35% increase in CMC new orders and a 15% increase in laboratory services new orders [12]. - The client structure is improving, with revenue from the top 20 global pharmaceutical companies growing by 26.9%, accounting for 18% of total revenue [12]. Market Performance - The stock has shown a 37% increase over the past 12 months, outperforming the Shenzhen Composite Index by 28% [10]. - The company’s market capitalization stands at 50.785 billion CNY, with a total share count of 1.778 billion shares [6].